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A journalist reveals a serious issue related to the dismantling of industry in Iraq
February 22, 2024 Last updated: February 22, 2024
The Independent/- Iraqi journalist Qusay Shafiq revealed a dangerous issue related to the dismantling of industry in Iraq.
In a post on his Twitter account, Shafiq addressed the story of the modern paint factory, noting that
the process of “blind, corrupt investment, especially the mixed sector, represents a serious problem affecting the national economy.”
He referred to the experience of the Modern Paints Company, which was converted into an investment when the current Prime Minister, Muhammad Shiaa Al-Sudani, was Minister of Industry.
“It is possible to understand how the situation deteriorated after it was converted into a corrupt investment!!” He explained that
one of the main reasons for failure is the lack of investor commitment to implement the measures required to revive the company.
Instead, the investor took advantage of the opportunity to make quick profits at the expense of the company's resources and infrastructure.
Such as “selling the treasury and dismantling production lines,” which reflects exploitation that only serves the interests of the investor himself. He added,
“Warehouses and headquarters were rented to people with connections that raise suspicions about the existence of corrupt practices and abuse of influence.” He also continued,
“It failed to implement and monitor the agreement between the government and the investor, as
it did not provide sufficient mechanisms to ensure compliance with the investor’s obligations and monitor the proper use of resources.”
The scenario to which the Modern Paints Company was subjected also appears, including the plundering, dismantling, and sale of state lands!” Shafiq concluded,
“This case should be an important lesson for the government and concerned parties in implementing industrial and investment policies instead of mortgaging state factories and companies into the hands of corrupt investors who exploit the story of industrial development in corrupt partnership contracts with the government.”
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February 22, 2024 Last updated: February 22, 2024
The Independent/- Iraqi journalist Qusay Shafiq revealed a dangerous issue related to the dismantling of industry in Iraq.
In a post on his Twitter account, Shafiq addressed the story of the modern paint factory, noting that
the process of “blind, corrupt investment, especially the mixed sector, represents a serious problem affecting the national economy.”
He referred to the experience of the Modern Paints Company, which was converted into an investment when the current Prime Minister, Muhammad Shiaa Al-Sudani, was Minister of Industry.
“It is possible to understand how the situation deteriorated after it was converted into a corrupt investment!!” He explained that
one of the main reasons for failure is the lack of investor commitment to implement the measures required to revive the company.
Instead, the investor took advantage of the opportunity to make quick profits at the expense of the company's resources and infrastructure.
Such as “selling the treasury and dismantling production lines,” which reflects exploitation that only serves the interests of the investor himself. He added,
“Warehouses and headquarters were rented to people with connections that raise suspicions about the existence of corrupt practices and abuse of influence.” He also continued,
“It failed to implement and monitor the agreement between the government and the investor, as
it did not provide sufficient mechanisms to ensure compliance with the investor’s obligations and monitor the proper use of resources.”
The scenario to which the Modern Paints Company was subjected also appears, including the plundering, dismantling, and sale of state lands!” Shafiq concluded,
“This case should be an important lesson for the government and concerned parties in implementing industrial and investment policies instead of mortgaging state factories and companies into the hands of corrupt investors who exploit the story of industrial development in corrupt partnership contracts with the government.”
[You must be registered and logged in to see this link.]
